Shenzhen Envicool Technology Co., Ltd. (002837)

Equity Analysis Report | Industry: Special-Purpose Equipment (Precision Temperature Control & Energy-Saving Equipment) | Report Date: September 13, 2026 | The research notes do not provide an explicit price cut-off date; only some source pages carry timestamps such as September 11, 2026 and July 20, 2026. There is no unified statement of the market-data cut-off time, and data completeness is uncertain.

This report was automatically compiled and generated by AI based on public information, for reference only and does not constitute investment advice.

1. Core Summary

Envicool showed clear "revenue growth without profit growth" in 1H2026: operating revenue of RMB 3.017 billion, +17.24% YoY, but net profit attributable to shareholders of RMB 185 million, -14.32% YoY; non-GAAP net profit of RMB 175 million, -13.22% YoY; basic EPS of RMB 0.15, -11.76% YoY; and consolidated gross margin of 24.93%, down about 1.21–1.22 percentage points YoY. The main drag turning attributable net profit negative YoY came from 2026Q1 — quarterly attributable net profit of only RMB 8.6576 million, -81.97% YoY; while 2026Q2 single-quarter attributable net profit was RMB 176 million, +5.06% YoY and +1934% QoQ, revenue of RMB 1.841 billion, +12.24% YoY and +56.67% QoQ, gross margin of 25.24% (+1.05pct QoQ), net margin of 9.91% (+8.71pct QoQ). The QoQ recovery in Q2 was significant, but revenue YoY growth slowed versus Q1's +26.03%.

In terms of business structure, 2025 computer-room temperature control and energy-saving products revenue was RMB 3.448 billion, accounting for 56.83%, +41.28% YoY, the company's largest revenue source (including Coolinside full-chain liquid cooling); cabinet temperature control and energy-saving products revenue was RMB 1.977 billion, accounting for 32.59%, +15.30% YoY; other (including electronic heat dissipation, such as 3D-TVC, cold plates, etc.) revenue was RMB 507 million, accounting for 8.35%, +105.18% YoY, the fastest growth; bus air-conditioning revenue was RMB 90 million, -18.86% YoY, and rail transit air-conditioning revenue was RMB 45 million, -39.84% YoY, with both traditional businesses contracting. Full-year 2025 revenue was RMB 6.068 billion, +32.23% YoY; attributable net profit of RMB 522 million, +15.30% YoY; non-GAAP net profit of RMB 504 million, +17.22% YoY; and R&D investment of RMB 446 million, +27.51% YoY.

At the valuation and expectation level, based on the September 11, 2026 closing price of RMB 60.55 and total market capitalization of RMB 77.433 billion, static PE (based on FY2025 attributable profit of RMB 522 million) is about 148x, and PE(TTM) based on TTM attributable profit of about RMB 491 million is about 158x; sell-side forecasts for 2026 attributable net profit range from RMB 933 million to RMB 1.454 billion (a gap of about 1.56x), with an average of about RMB 1.173 billion, +124.77% YoY (THS iFinD, 9 firms over the past six months); target price range is RMB 40–125, with extreme divergence among foreign investment banks — Citi gives "Sell" and JPMorgan gives "Underweight (UW)", while Nomura, BofA, Kaiyuan, and Changjiang are more bullish.

On the recent news front, the company launched its 2026 stock option incentive plan (draft) on September 10, 2026, proposing to grant 25 million options, about 1.95% of total share capital, with an exercise price of RMB 46.73/share, requiring 2026/2027/2028 attributable net profit growth rates of no less than 25%/56%/95% based on 2025 attributable net profit of RMB 522 million (implying thresholds of about RMB 653/814/1.018 billion), a assessment threshold significantly lower than the current sell-side consensus; the second exercise period of the 2024 stock option incentive plan has entered self-directed exercise. On the technical side, the week of 9.7–9.11 fell 5.26%, with total net outflow of main funds of RMB 736 million for the week, single-day net outflow of RMB 147 million on September 9, narrowing to RMB 2.03 million on September 11, while the machinery equipment industry saw a net outflow of RMB 5.931 billion that day.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Computer-room temperature control and energy-saving products (including Coolinside full-chain liquid cooling: cold plates, quick connectors UQD/MQD, Manifold, CDU, SoluKing liquid cooling coolant, piping, cold source): 2025 revenue of RMB 3.448 billion, 56.83%, +41.28% YoY
• Cabinet temperature control and energy-saving products (base station/energy storage/smart grid/charging pile outdoor cabinet air conditioners, water-cooled units): 2025 revenue of RMB 1.977 billion, 32.59%, +15.30% YoY
• Bus air-conditioning (including cold-chain truck refrigeration units, heavy truck thermal management): 2025 revenue of RMB 90 million, 1.49%, -18.86% YoY
• Rail transit train air-conditioning and services ("Ketai" brand): 2025 revenue of RMB 45 million, 0.74%, -39.84% YoY
• Other (including electronic heat dissipation business, such as 3D-TVC, cold plates, etc.): 2025 revenue of RMB 507 million, 8.35%, +105.18% YoY
• By region (2025): domestic RMB 5.219 billion (86.00%), overseas RMB 849 million (14.00%), overseas +28.70% YoY
• By sales model (2025): direct sales RMB 5.901 billion (97.25%), distribution RMB 167 million (2.75%)

2.3 Industry Chain Upstream/Downstream Position and Cost-Profit Structure

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Data source and basis notes: 2026 semi-annual report data are cross-consistent across multiple sources including National Business Daily, Shanghai Securities News, Jiemian News, Stockstar, and China Securities Journal; other 2026 semi-annual report metrics: non-GAAP net profit of RMB 175 million, -13.22% YoY; basic EPS of RMB 0.15, -11.76% YoY; consolidated gross margin of 24.93%, -1.21 to -1.22pct YoY; financial expenses of RMB 41.2956 million, +2014.88% YoY; net cash flow from operating activities of RMB 61.872 million, +126.45% YoY; debt-to-asset ratio of 58.21% (+2.10pct versus the same period last year); 2025H1 comparison base was revenue of RMB 2.573 billion and attributable net profit of RMB 216 million. 2026Q2 single-quarter data come from Kaiyuan Securities' August 25, 2026 research report and China Securities Journal; QoQ: revenue +56.67%, attributable net profit +1934% (extremely low Q1 base), gross margin 25.24% (+1.05pct QoQ), net margin 9.91% (+8.71pct QoQ). 2026Q1 single-quarter data come from Changjiang Securities' May 12, 2026 commentary (Sina Finance research report page) and Gelonghui on April 22, 2026. 2025 annual report data come from Cfi.cn (citing annual report), East Money announcement page, ET Net/BOC Hong Kong data page, and Kaiyuan Securities' April 22, 2026 research report; other metrics: non-GAAP attributable net profit of RMB 504 million, +17.22% YoY; R&D investment of RMB 446 million, +27.51% YoY; share-based payment expense of RMB 13.7428 million affecting attributable net profit by about RMB 11.6814 million; basic EPS of RMB 0.54; cash dividend of RMB 1.70 per 10 shares (slight discrepancies across sources; note that "RMB 2 dividend + 3-share bonus issue" was the 2024 plan and should not be confused); Citi's statement that 2025 net margin was about 8.6% is its own estimate and is not fully comparable with the company's disclosed basis. 2024 and 2023 bases come from ET Net/BOC Hong Kong as-of 2026-06 interim page. Basis-mixing risk: some Stockstar/THS pages label "non-GAAP net profit -13.22% YoY" as net profit, but it is actually the non-GAAP basis; H1 attributable net profit YoY should be -14.32%. 2025 by business (from 2025 annual report): computer-room temperature control RMB 3.45 billion, +41.3% YoY, gross margin 28.36% (+1.39pct); cabinet temperature control RMB 1.98 billion, +15.3% YoY (of which energy storage temperature control about RMB 1.7 billion, +14% YoY); other (including electronic heat dissipation) RMB 510 million, +105.2% YoY (source: Changjiang Securities' May 12, 2026 commentary). 2026H1 by business (Huatai Securities' August 27, 2026 research report, single source, accuracy should be noted): computer-room temperature control RMB 1.700 billion, +25.84%; cabinet temperature control RMB 1.068 billion, +15.28%; bus air-conditioning RMB 21 million, +10.00%; rail transit air-conditioning RMB 28 million, +17.39%; other RMB 199 million, -21.05%; overseas revenue RMB 444 million, +71.39% YoY, share rising from 10.07% to 14.72% (this set of figures comes from a single brokerage research report with obvious OCR typos and is flagged as requiring secondary verification).

The company showed "revenue growth without profit growth" in 1H2026: revenue of RMB 3.017 billion, +17.24% YoY, but attributable net profit of RMB 185 million, -14.32% YoY; non-GAAP net profit of RMB 175 million, -13.22% YoY; basic EPS of RMB 0.15, -11.76% YoY; consolidated gross margin of 24.93%, down about 1.21–1.22pct YoY, mainly affected by a sharp increase in financial expenses (exchange losses + higher interest expenses, +2014.88% YoY) and gross margin decline. By quarter, 2026Q1 attributable net profit was only RMB 8.6576 million, -81.97% YoY, the main reason H1 turned negative YoY; 2026Q2 attributable net profit was RMB 176 million, +5.06% YoY and a large QoQ increase (+1934%), revenue of RMB 1.841 billion, +12.24% YoY and +56.67% QoQ, with gross and net margins improving QoQ, but revenue growth slowing versus Q1. Full-year 2025 revenue was RMB 6.068 billion, +32.23% YoY; attributable net profit of RMB 522 million, +15.30% YoY; non-GAAP net profit of RMB 504 million, +17.22% YoY; R&D investment of RMB 446 million, +27.51% YoY. In 2025 by business, computer-room temperature control revenue was RMB 3.45 billion, +41.3% YoY with higher gross margin; cabinet temperature control RMB 1.98 billion, +15.3% YoY; other (including electronic heat dissipation) RMB 510 million, +105.2% YoY. Note that after 2025Q3 the company's attributable net profit YoY growth declined or even turned negative for multiple consecutive quarters (2026Q1 -81.97%, 2026H1 -14.32%); although Q2 turned positive YoY, revenue growth slowed, and the pace of earnings recovery remains to be seen. The core of bull-bear divergence lies in the actual delivery and recognition pace of liquid cooling and overseas orders from 2H2026 to 2027.

3.2 Earnings Forecasts

The earnings forecast base is 2025 attributable net profit of RMB 522 million, and most forecasts imply more than a doubling of 2026 net profit YoY. Sources: Stockstar research report pages (including the "latest earnings forecast details" table), THS iNews institutional rating pages, Sina Finance research report pages, East Money research report pages. Consensus expectations (be sure to distinguish sources and bases): THS iFinD (9 firms over the past six months, as of September 11, 2026) 2026 forecast net profit high RMB 1.373 billion / low RMB 933 million / average RMB 1.173 billion, +124.77% YoY; rating distribution 6 Buy, 1 Overweight, 1 Recommend, 1 Outperform Industry; earlier version (as of August 26/27, 2026, 8 firms) 2026 net profit average RMB 1.190–1.193 billion, about +128% to +128.5% YoY. Foreign basis (Investing.com consensus, past 3 months, 13 analysts): 12-month average target price RMB 78.72, high 125, low 40; 10 Buy / 2 Hold / 2 Sell; 52-week range RMB 45.82–93.65. The company's own performance assessment floor (September 10, 2026 stock option incentive plan): proposed grant of 25 million stock options (about 1.95% of total share capital, initial grant 22 million), based on 2025 attributable net profit of RMB 522 million, requiring 2026/2027/2028 attributable net profit growth rates of no less than 25%/56%/95%, implying thresholds of about RMB 653/814/1.018 billion (source: Kaiyuan Securities' September 11, 2026 research report, East Money research report page); note that this incentive assessment threshold is significantly lower than the current sell-side consensus and is of a "floor" nature. Earnings forecasts vary widely: 2026 attributable net profit forecast range RMB 933 million to RMB 1.454 billion (about 1.56x gap); a single brokerage forecast is not representative, and it is recommended to use "average + range" rather than a single point.

3.3 Valuation Level and Institutional Ratings

Valuation level: as of the September 11, 2026 close (Stockstar), closing price RMB 60.55, -0.87%, trading volume 376,200 lots, turnover RMB 2.279 billion, total market capitalization RMB 77.433 billion (special-purpose equipment sector market cap rank 3/181, A-share market rank 251/5218). Other time-point references (data volatile, sources inconsistent): NBD's August 24, 2026 close of RMB 54.75; Sina institutional rating page shows report-date closing price of RMB 63.91 (around September 4, 2026, -6.69% that day); Investing.com shows latest price RMB 62.42; Gelonghui said before the 2026Q1 commentary the stock once hit an all-time high of RMB 121.74, then fell limit-down to RMB 108.97 (note ex-rights/bonus issue effects before and after). 52-week range RMB 45.82–93.65 (Investing.com). PE calculation (research notes label this as calculated by the author from disclosed data, unofficial, estimates): static (FY2025 attributable profit RMB 522 million) 774.33/5.22 ≈ 148x; PE(TTM) based on TTM attributable profit = FY2025 RMB 522 million - 2025H1 RMB 216 million + 2026H1 RMB 185 million ≈ RMB 491 million → about 158x; the above PE is calculated based on RMB 60.55 and total share capital of about 1.277 billion shares and will vary due to differences in share price, timing, and share capital basis. Sell-side PE basis: Citi said "current 2026 PE about 150x" (based on its own earnings forecast); Kaiyuan Securities on September 11, 2026 gave PE 70.5/36.8/23.1x (2026-2028E) based on the then-current share price. Ping An/others: Unverified. Concluding description: current valuation is at an extremely high level (static PE around 150x), significantly above the normal range corresponding to the company's own earnings growth rate, and the reasonableness of the valuation depends highly on the realization of "liquid cooling volume ramp + overseas breakthrough" in 2026-2028; this is also the core reason Citi/JPMorgan give "Sell/Underweight", while bulls (Nomura, BofA, Kaiyuan, Changjiang, etc.) bet on liquid cooling performance accelerating from 2H26. Brokerage target price average (note it falls rapidly as old research reports roll out): as of August 26, 2026 (8 firms) high RMB 134.12 / low RMB 90.00 / average RMB 112.06; as of August 27, 2026 (8 firms) high RMB 90.00 / low RMB 83.01 / average RMB 86.51; as of September 11, 2026 (9 firms) high RMB 90.00 / low RMB 83.01 / average RMB 86.51 (source: THS iNews institutional rating articles for each period). Foreign investment bank divergence is extreme, with target price range RMB 40–125 (a gap of more than 2x), market pricing disagreement is extreme, and any "average" must be used cautiously. Important uncertainties and items to flag: 1) Time basis: financial data are disclosed values for each reporting period; prices/market cap/PE are market snapshots around September 11, 2026, not real-time, and different media pages have different update dates; 2) Earnings forecasts vary widely: 2026 attributable net profit forecast range RMB 933 million to RMB 1.454 billion (about 1.56x gap), target price range RMB 40–125, and a single brokerage forecast is not representative; 3) Target price "averages" change rapidly as old research reports roll out (RMB 112.06 → RMB 86.51 in only a few days), so citations must state the "as-of date" and "sample size"; 4) Basis-mixing risk: some Stockstar/THS pages write "non-GAAP net profit -13.22% YoY" as "net profit", but it is actually the non-GAAP basis; H1 attributable net profit YoY should be -14.32%; 5) Single-source data: Huatai's 2026H1 by-business revenue, BofA's target price RMB 76, Gelonghui column's "four consecutive quarters of misses" narrative, and Citi's "8.6% net margin is the lowest in 15 years" mainly come from single sources and have not been cross-verified by multiple sources, flagged as pending verification; 6) Ex-rights/share capital changes: the 2024 annual distribution plan includes "RMB 2 per 10 shares plus 3-share bonus issue"; historically share price and EPS have ex-rights effects, and cross-period comparison of EPS/PE requires using the backward-adjusted basis (e.g., JPMorgan on June 11, 2026 cut Adj. EPS by about 23% due to the bonus issue); 7) Earnings realization risk: after 2025Q3 the company's attributable net profit YoY growth declined or even turned negative for multiple consecutive quarters (2026Q1 -81.97%, 2026H1 -14.32%); although Q2 turned positive YoY (+5.06%), revenue growth slowed to +12.24%, and whether forecasts can be achieved mainly depends on the actual delivery and recognition pace of liquid cooling/overseas orders from 2H2026 to 2027 (the company/brokerages say overseas liquid cooling is expected to gradually ramp from 26Q3), which is the core of bull-bear divergence; 8) Recommended follow-up verification: use the original company announcements on Cninfo (cninfo.com.cn) to verify key figures in the 2025 annual report and 2026 semi-annual report, use THS basic.10jqka.com.cn/002837/worth.html to verify consensus earnings forecasts, and note the distinction between "attributable net profit" and "non-GAAP attributable net profit".

4. Recent News and Announcements

4.1 2026 Semi-Annual Report Disclosure: Revenue Growth Without Profit Growth, Q2 Improved Significantly QoQ

The 2026 semi-annual report was disclosed on August 25, 2026 (announcement no. 2026-026/027). Operating revenue RMB 3.017 billion, +17.24% YoY; attributable net profit RMB 185 million (RMB 184.8 million), -14.32% YoY; basic EPS RMB 0.15. For Q2 alone: Q2 revenue RMB 1.841 billion, +12.24% YoY and +56.67% QoQ; Q2 attributable net profit RMB 176 million, +5.06% YoY and +1934.17% QoQ; Q2 gross margin 25.24% (+1.05pct QoQ), net margin 9.91% (+8.71pct QoQ). The interim report explicitly states no cash dividend, no bonus shares, and no capital reserve conversion into share capital. The YoY decline in net profit was mainly due to the 2026Q1 drag. Source: Securities Daily 2026 semi-annual report summary, East Money stock calendar, Kaiyuan Securities research report (August 24, 2026, Jiang Ying/Du Zhiyuan, maintain Buy, forecast 2026-2028 attributable net profit RMB 1.11/2.12/3.39 billion; note: the above is a single brokerage forecast, not multi-firm consensus).

4.2 2026 Q1 Report Disclosure: Attributable Net Profit Fell Sharply YoY

The 2026 Q1 report was disclosed on April 21, 2026. Attributable net profit RMB 8.658 million, -81.97% YoY, EPS RMB 0.01; Q1 revenue about RMB 1.18 billion. Source: East Money stock calendar, Investing.com financial report page.

4.3 2025 Annual Report Disclosure and Dividend Plan

The 2025 annual report was disclosed on April 21, 2026. Attributable net profit RMB 521.9 million, +15.30% YoY, EPS RMB 0.54; the 2025 annual report dividend plan was 10-for-3 bonus issue and RMB 1.70 dividend (tax inclusive). Source: East Money stock calendar, Securities Daily announcement.

4.4 2025 Q3 Report Disclosure

The 2025 Q3 report was disclosed on October 14, 2025. First three quarters attributable net profit RMB 399.1 million, +13.13% YoY, EPS RMB 0.41; first three quarters revenue about +40% YoY (brokerage commentary basis). Source: Securities Daily.

4.5 Earnings Preview: No Formal Earnings Preview Announcement

The company clearly responded on the interactive platform on April 10, 2026 — under Shenzhen Stock Exchange rules, quarterly earnings previews are not subject to mandatory disclosure, so no Q1 earnings preview was issued, and investors were directed to the April 21 quarterly report. That is, the stock has no recent formal earnings preview/pre-increase or pre-decrease announcement, only periodic reports. Source: East Money, THS interactive Q&A.

4.6 Share Buyback Progress (As of 2026-07-31)

According to the company's reply on the SZSE Easy Interaction platform (August 19, 2026), the company through its dedicated buyback securities account cumulatively repurchased 479,400 shares by centralized bidding, 0.34% of total share capital; highest transaction price RMB 24.90/share, lowest RMB 21.17/share; total transaction amount RMB 11,274,086.00 (excluding fees); the buyback plan has not yet been completed. Uncertainty note: this item has two points requiring doubt — (a) share capital basis: the company's total share capital is about 1.279 billion shares (1,278,829,492 shares), and 479,400 shares account for about 0.0375%, inconsistent with 0.34%; (b) price basis: RMB 21.17–24.90 differs greatly from recent market prices of RMB 47–60, possibly due to earlier accumulation or ex-rights/basis adjustments. It is recommended to verify with the original buyback progress announcement on Cninfo and not directly accept this ratio. Source: SZSE Easy Interaction.

4.7 Launch of 2026 Stock Option Incentive Plan (Draft)

Approved by the board on September 10, 2026, disclosed on September 11, 2026 (announcement no. 2026-028~029 etc.). Proposed grant of a total of 25 million stock options, 1.95% of total share capital of 1,278,829,492 shares on the trading day before the draft announcement; of which initial grant 22 million (88%, 768 people), reserved 3 million (12%). Exercise price RMB 46.73/share (including reserved); maximum validity period 60 months; initial grant vesting periods are 12/24/36 months, exercise ratios 20%/40%/40%. Director Ye Guiliang, as an incentive recipient, recused himself from voting; the proposal still needs to be submitted to the first extraordinary general meeting of 2026 to be held on September 28, 2026; record date September 21, 2026. Source: Stockstar, incentive plan summary, Sina announcements.

4.8 Self-Directed Exercise in the Second Exercise Period of the 2024 Stock Option Incentive Plan

The second exercise period of the 2024 stock option incentive plan adopted the self-directed exercise model, with a reminder announcement published on April 24, 2026, and led to multiple share capital changes caused by self-directed exercise on September 10, 2026, May 20, 2026, etc. Source: East Money stock calendar.

4.9 Shareholder Reduction Plan and Expiration

On December 23, 2025, the "Announcement on Shareholder Reduction Plan" was published. On March 31, 2026, the "Announcement on Expiration of Shareholder Reduction Plan" was published: shareholder Shanghai Bingyuanxu Equity Investment Development Center (limited partnership) reduced a total of 2,037,400 shares from December 29, 2025 to February 12, 2026, and the plan expired. Source: East Money stock calendar.

4.10 Controlling Shareholder and Actual Controller Equity Pledge and Release

On February 7, 2026, the "Announcement on Partial Share Pledge and Release of Pledge by Shareholder" was published: controlling shareholder Shenzhen Envicool Investment Co., Ltd. released a pledge of 26.42 million shares on February 5, 2026 (10.78% of its holdings, 2.71% of total share capital), and newly pledged 7 million shares on February 4, 2026. In December 2025, Qi Yong personally pledged/released pledges (released 4.515 million shares on December 5, 2025; pledged 1.69 million shares on December 4, 2025). As of September 11, 2026, the company's total pledge ratio was 0.88% (11.297 million shares, 2 pledges). Source: East Money stock calendar; East Money announcement page.

4.11 Changes in Number of Shareholders: Signals of Dispersed and Concentrated Chips

June 30, 2026: 268,792 accounts (+47,292 versus previous period); July 31, 2026: 249,500 (-19,292); August 31, 2026: 283,300 (+33,800, announced September 8, 2026). Earlier: on August 29, 2025, it once surged to 152,400 accounts in a single period (+140.76%), reflecting a large influx of retail investors. Source: East Money stock calendar, East Money F10 major events.

4.12 Top Ten Shareholders (As of 2026-06-30)

As of June 30, 2026, controlling shareholder Shenzhen Envicool Investment Co., Ltd. 28.11%, Hong Kong Central Clearing 3.55%, Liu Jun 2.40%, Qi Yong 1.58%, newly entered private fund Jueshuo Jingfan Multi-Strategy No. 1 0.93%, etc. Source: East Money announcement page.

4.13 Board Re-election and Amendment of Articles of Association

On September 11, 2025, the second extraordinary general meeting of 2025 was held, electing the fifth board of directors (non-independent directors Qi Yong, Ou Xianhua, Ye Guiliang, Xing Jie, Zhu Xiaoou; independent directors Tian Zhiwei, Yan Qing, Chen Qibai), and passing proposals on reappointing the accounting firm, amending the articles of association, and formulating/revising multiple governance systems. On September 26, 2025 and May 22, 2026, two "Announcements on Completion of Industrial and Commercial Change Registration" were published, completing articles filing/industrial and commercial changes. Source: Sina announcements, Securities Daily.

4.14 2025 Annual General Meeting Approved Multiple Proposals

The 2025 annual general meeting was held on May 12, 2026, approving the 2025 annual report, the 10-for-3 bonus issue and RMB 1.70 profit distribution and capital reserve conversion, the 2026 director compensation plan, credit facilities, estimated guarantee limits for subsidiaries (this guarantee proposal had a relatively high opposition ratio among minority shareholders, reaching 19.16%), amendment of the articles of association, etc. Source: Stockstar.

4.15 Implementation of 2025 Annual Equity Distribution

On May 23, 2026, the implementation announcement for the 2025 annual equity distribution was published; record date May 29, 2026, ex-rights/ex-dividend date June 1, 2026, 10-for-3 bonus issue and RMB 1.70 dividend (tax inclusive, RMB 1.53 after tax). On June 1, 2026, share capital changed due to the listing of bonus shares (total share capital increased to about 1.274 billion shares). Source: East Money stock calendar.

4.16 Shenzhen Headquarters Base Investment and Construction

On June 14, 2025, it was announced that the company planned to participate in bidding for the state-owned construction land use right of parcel A923-0908 in Guanlan, Longhua, Shenzhen, and after obtaining it planned to invest no less than RMB 1 billion to build a precision temperature control and energy-saving equipment R&D center and production base; on June 6, 2025, the extraordinary general meeting approved the "Proposal on Proposed Purchase of Land Use Rights and Investment in Construction of Headquarters Base". Source: East Money F10 major events.

4.17 Institutional Research

Received 32 institutions for research on April 21, 2026; 1 institution on April 23, 2026; 1 institution on November 20, 2025; 34 institutions on November 3, 2025. Source: East Money stock calendar.

4.18 Trading Abnormalities: Multiple Appearances on the Dragon-Tiger List Due to Price Deviations

Over the past year, it has appeared multiple times on the Dragon-Tiger List due to daily price increase/decrease deviation reaching 7% (e.g., August 25, 2026 +10.01%, June 9, 2026 +10.00%, April 21, 2026 -10.02%, February 12, 2026 +10.01%, December 23, 2025, December 17, 2025, etc.), showing high volatility driven by news/themes. Source: East Money stock calendar.

4.19 Overall Judgment and Uncertainties to Flag

The core of recent news (August-September 2026) is: ① 2026 interim results showed revenue growth without profit growth (H1 net profit -14.32%, Q2 improved significantly QoQ); ② launch of 2026 stock option incentive (25 million options, exercise price RMB 46.73), to be reviewed by the shareholders' meeting on 9-28; ③ limit-up on 8-25 and appearance on the Dragon-Tiger List, with the number of shareholders expanding again. At the policy/regulatory level there are no penalty-type negative announcements; capital operations mainly comprise the Shenzhen headquarters base investment and amendments to articles/governance systems. Main uncertainties: (a) the network index date has reached mid-September 2026; please use original announcements on Cninfo (www.cninfo.com.cn) as the final basis and confirm the current actual date; (b) buyback data (479,400 shares, 0.34%, RMB 21–24.9) are inconsistent with share capital/market price bases, from only a single Easy Interaction source, and the original buyback progress announcement should be checked; (c) net profit forecasts (RMB 1.11/2.12/3.39 billion) come from a single brokerage, Kaiyuan Securities, not multi-institution consensus; (d) some financial figures (Q1 revenue RMB 1.18 billion, interim net profit RMB 184.8 million, etc.) come from third-party data pages and are basically consistent with the announcement basis but should be verified; (e) 2025 annual report net profit of RMB 521.9 million is the announcement basis, and interim/quarterly YoY figures are calculated on this basis. (Data as of around September 11, 2026; main sources: East Money stock calendar, Securities Daily announcements, Stockstar, Sina Finance announcements, SZSE Easy Interaction, Kaiyuan Securities research reports.)

5. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Envicool (002837.SZ) has recently shown weak share price performance, falling 5.26% in the week of 9.7–9.11, with total main fund net outflow of RMB 736 million for the full week, including single-day net outflow of RMB 147 million on September 9, narrowing to RMB 2.03 million on September 11, with turnover of about RMB 1.268 billion. At the industry level, the machinery equipment sector saw a single-day net outflow of RMB 5.931 billion, and Envicool was one of the stocks with net outflow exceeding RMB 100 million, with sector funds under overall pressure. In terms of shareholder structure, some sources mention social security fund exit, institutional position rotation, and retail withdrawal, but the specific top ten tradable shareholder list and holdings data are missing from the notes, and the data cut-off date is unclear, with lag. In terms of technical indicators, the notes do not provide specific values for moving averages, Bollinger Bands, RSI, etc., so precise technical position calculation cannot be made. Overall, short-term liquidity is weak and sector drag is obvious, but complete technical indicator data are lacking to support a more precise judgment.

5.3 Short-Term Outlook (Next Week, Scenario Simulation, For Reference Only)

⚠️ Risk Warning: The following content is only a subjective scenario simulation based on limited data in the research notes, does not constitute investment advice, and you should independently judge based on the latest market information and bear investment risks yourself.

① Key Technical Positions

② Next Week Scenarios (Subjective Weighting, Not Statistical Probability)

• Consolidation (subjective weighting medium (subjective judgment based on current technical/fund flow setup, not statistical probability)): If the share price finds support near the recent dense trading area, and single-day turnover remains at the current level of about RMB 1.2 billion, with main fund outflow narrowing, it may enter a consolidation pattern. The notes do not provide specific consolidation range values, which need to be confirmed with subsequent market action.
• Weaker downside (subjective weighting relatively high, about 60% (subjective judgment based on current technical/fund flow setup, not statistical probability)): This week's main funds had total net outflow of RMB 736 million and industry funds net outflow of RMB 5.931 billion; if the outflow trend continues and turnover expands, the share price may decline further. Specific downside target levels cannot be calculated due to lack of moving average and Bollinger Band data.
• Rebound and strengthening (subjective weighting relatively low (subjective judgment based on current technical/fund flow setup, not statistical probability)): If industry funds return, main funds turn to net inflow, and single-day turnover expands significantly, a technical rebound may be triggered. The notes do not provide specific rebound target levels, which need to be confirmed with subsequent market action.

③ Funds and Liquidity Background

The research notes show Envicool's September 11 turnover was about RMB 1.268 billion, but do not provide turnover rate or recent turnover range, so it is impossible to judge what level current volume is at. In terms of shareholder structure, some sources mention social security funds withdrawing, institutional holdings rotating, and retail investors also retreating, but the specific top ten tradable shareholder list and holding ratios are missing from the notes, and the data cut-off date is unclear (may lag by more than one quarter), so the current structure may have changed. If institutional holdings continue to decrease, it may mean chips are becoming more dispersed, bid-ask depth may thin, and large transactions may face greater slippage risk.

If single-day turnover continues to expand to significantly above the recent level of about RMB 1.2 billion (the specific threshold cannot be precisely calibrated due to lack of historical turnover range), it can be regarded as a signal of fund entry and needs to be further confirmed with price action.

④ Points to Watch (Observation Ideas Only, Not Trading Instructions)

• Watch changes in main fund flows, especially whether single-day net outflow continues to narrow or turns to net inflow (observation idea, not trading instruction)
• Watch machinery equipment industry fund flows, and whether the overall sector outflow trend eases (observation idea, not trading instruction)
• Watch whether single-day turnover expands significantly, to judge willingness for fund entry (observation idea, not trading instruction)
• Watch changes in shareholder structure, especially whether institutional holdings further decrease (observation idea, not trading instruction)

The above scenario simulation is based on limited fund flow, weekly change, and turnover data in the research notes; data cut-off dates are not unified, and key technical indicator values such as moving averages and Bollinger Bands are lacking. Short-term share prices will also be disturbed by multiple factors such as news, liquidity, and the broader market environment. Technical indicators themselves have lag and limitations, do not guarantee future actual trends, and do not constitute buy or sell advice. Please independently judge based on the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

7. Risk Warnings

• Earnings realization and quarterly volatility risk: 2026Q1 attributable net profit was only RMB 8.6576 million, -81.97% YoY; 2026H1 attributable net profit was RMB 185 million, -14.32% YoY; after 2025Q3, attributable net profit YoY growth declined or even turned negative for multiple consecutive quarters; although 2026Q2 was +5.06% YoY, revenue growth slowed to +12.24%, and the sustainability of earnings recovery still needs to be verified in subsequent quarters.
• Gross margin and financial expense risk: 2026H1 consolidated gross margin was 24.93%, down about 1.21–1.22 percentage points YoY; during the same period financial expenses were RMB 41.2956 million, +2014.88% YoY (exchange losses and higher interest expenses), and the debt-to-asset ratio rose to 58.21% (+2.10pct versus the same period last year); if gross margin continues under pressure or exchange and interest expenses remain high, this will continue to suppress profits.
• Customer and order delivery pace risk: the company's 2025 computer-room temperature control revenue was RMB 3.448 billion (56.83%) and cabinet temperature control RMB 1.977 billion (32.59%), with revenue highly concentrated in the temperature control main business, and direct sales accounted for 97.25% of revenue in 2025; whether liquid cooling and overseas orders can be delivered and recognized as expected from 2H2026 to 2027 is the main assumption behind brokerages' sharp upward revisions to earnings forecasts. Once delivery is deferred, the 2026 attributable net profit forecast range of RMB 933 million to RMB 1.454 billion is at risk of downward revision.
• Valuation and expectation divergence risk: based on the September 11, 2026 closing price of RMB 60.55 and total market capitalization of RMB 77.433 billion, static PE is about 148x and PE(TTM) about 158x; sell-side 2026 attributable net profit forecast range is RMB 933 million to RMB 1.454 billion and target price range RMB 40–125; Citi gives "Sell" (target price RMB 60), JPMorgan gives "Underweight (UW)" (target price RMB 40), while Nomura (RMB 125), BofA (cut from RMB 92.60 to RMB 76), etc. are more bullish; institutional pricing divergence is extreme, and the high valuation leaves little tolerance for earnings realization.
• Risk that equity incentive assessment threshold is lower than market expectations: the company's 2026 stock option incentive plan (draft) uses 2025 attributable net profit of RMB 522 million as the base and requires 2026/2027/2028 attributable net profit growth rates of no less than 25%/56%/95%, corresponding to implied thresholds of about RMB 653/814/1.018 billion, significantly lower than the current sell-side consensus (2026 average about RMB 1.173 billion); the plan still needs to be reviewed by the September 28, 2026 extraordinary general meeting. If the final assessment targets continue to diverge from market expectations, expectation revisions may result.
• Traditional business contraction and overseas operating risk: 2025 bus air-conditioning revenue was RMB 90 million, -18.86% YoY; rail transit air-conditioning revenue was RMB 45 million, -39.84% YoY; both businesses continued to shrink; 2025 overseas revenue was RMB 849 million, 14.00% of total; the sharp increase in 2026H1 financial expenses has partly reflected the impact of exchange losses; overseas business expansion also brings exchange rate volatility and overseas operating uncertainty.
• Shareholder structure and liquidity risk: as of August 31, 2026, the number of shareholders was 283,300, an increase of 33,800 from 249,500 on July 31, 2026; on August 29, 2025, it once surged to 152,400 in a single period (+140.76%); technically, the week of 9.7–9.11 fell 5.26%, main funds had total net outflow of RMB 736 million this week, and single-day net outflow on September 9 was RMB 147 million; another source mentions social security funds withdrawing, institutions rotating positions, and retail investors also retreating; dispersed chips and fund outflow may increase share price volatility.
• Data basis and information verification risk: the company's 2026H1 attributable net profit YoY should be -14.32%; some third-party pages mistakenly label "non-GAAP net profit -13.22% YoY" as net profit; Huatai Securities' disclosed 2026H1 by-business revenue and overseas revenue data (computer-room temperature control RMB 1.700 billion +25.84%, overseas RMB 444 million +71.39%) come from a single brokerage research report and contain OCR typos, requiring secondary verification; in addition, the 2024 annual distribution plan was "RMB 2 per 10 shares plus 3-share bonus issue" and 2025 annual was "10-for-3 bonus issue and RMB 1.70 dividend"; share capital changed on June 1, 2026 due to the listing of bonus shares, and cross-period comparison of EPS/PE requires the backward-adjusted basis.

8. Conclusion and Outlook

The core growth logic remains liquid cooling and overseas: 2025 computer-room temperature control revenue +41.28% YoY with gross margin up 1.39 percentage points to 28.36%; other (including electronic heat dissipation) revenue +105.18% YoY, showing that the AI computing power-related liquid cooling chain is the main engine of the company's revenue growth; 2025 overseas revenue was RMB 849 million, 14.00% of total, +28.70% YoY, and overseas breakthroughs are viewed by multiple brokerages as the key increment from 2H2026 to 2027. The company's R&D investment of RMB 446 million, 1,959 R&D personnel (34.39%), and 1,739 patent rights (182 invention patents) form the technical and product foundation for precision temperature control and the full liquid cooling chain (cold plates, quick connectors UQD/MQD, Manifold, CDU, SoluKing liquid cooling coolant, piping, cold source); in 2025, computer-room temperature control + cabinet temperature control together accounted for nearly 90% of revenue.

However, the pace and quality of growth realization still need verification. After 2025Q3, the company's attributable net profit YoY growth declined or even turned negative for multiple consecutive quarters (2026Q1 -81.97%, 2026H1 -14.32%); although 2026Q2 turned positive YoY (+5.06%), revenue growth slowed to +12.24%; H1 gross margin fell about 1.21–1.22 percentage points YoY; financial expenses were RMB 41.2956 million, +2014.88% YoY (exchange losses and higher interest expenses); and the debt-to-asset ratio was 58.21% (+2.10pct versus the same period last year). The core of bull-bear divergence lies in the actual delivery and recognition pace of liquid cooling and overseas orders from 2H2026 to 2027, and there is an obvious gap between brokerage forecasts and the company's own equity incentive assessment thresholds (implied floors of about RMB 653/814/1.018 billion attributable net profit for 2026-2028).

From the perspective of valuation-expectation matching, the current static PE is around 150x, and the reasonableness of the valuation depends highly on the realization of "liquid cooling volume ramp + overseas breakthrough" in 2026-2028; the sell-side 2026 attributable net profit forecast range is RMB 933 million to RMB 1.454 billion and target price range RMB 40–125 (a gap of more than 2x), and the target price average falls rapidly as old research reports roll out (e.g., the 8-firm average on August 26 was RMB 112.06, falling to RMB 86.51 on August 27), so a single institution's forecast is not representative. Follow-up should focus on: whether quarterly revenue and gross margin can continue Q2's QoQ recovery, whether the overseas revenue share can continue to rise, whether financial expenses and exchange effects converge, and the review result of the equity incentive proposal at the September 28, 2026 extraordinary general meeting.

Data Sources

• Envicool Listed Company Information
• Envicool (002837)
• Shenzhen Envicool Technology Co., Ltd. 2024 Annual Report Summary - Manuscript Search
• Envicool (002837)_Company Profile_Cfi.cn
• Envicool 20th Anniversary: Forging a Benchmark in Precision Environmental Control
• Envicool (002837)_Stock Overview_Stock Price_Real-Time Quotes_Chart_News_Commentary_Financial Reports_FinScope-AI Makes Investing Simpler
• Envicool (sz002837)
• What Does Envicool (002837) Do - Clear